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SPAC HIT THE PUBLIC MARKET BUT THE CRAZE HAS COOLED AIM AT OVERALL MARKET DOWNTURN

SPAC HIT THE PUBLIC MARKET BUT THE CRAZE HAS COOLED AIM AT OVERALL MARKET DOWNTURN

If the parties to the existing agreements want to continue, they will need to recoup the price to show the current market companies, Peter Stoneberg, managing director of M&A firm Architect Partners, told CoinDesk. "The SPACs as a whole have been very flexible and at a low level," Stoneberg said.


Last Wednesday, Forbes media scrapped its plans to disclose SPAC for $ 630 million in conjunction with Magnum Opus Acquisition Ltd. (OPA) of Hong Kong. Crypto exchange Binance had previously provided a $ 200 million strategic investment to Forbes in line with the proposed agreement.


Regulation

To improve investor protection, the SEC recently stated that it would raise “special disclosure requirements regarding, among other things, sponsor compensation, conflicts of interest, disclosure, and the fairness of these business combinations.”


The SEC report noted that SPAC almost doubled its revenue from more than $ 83 billion in such a contribution by 2020 to more than $ 160 billion last year. The SEC added that in those years more than half of all initial public donations were made through SPAC.


Stoneberg noted the winds blowing on SPAC participants. The SEC is now more aware of the entire SPAC process, especially crypto-related deals, he added.


Crypto miners and capital

Cryptocurrency miners need a lot of money for data centers and rigs, but big money is not available now, Stoneberg said.


"There is not much money in the current mining companies or SPACs," he said. Private investment in the Public Equity (PIPE) market “was very effective, but today it is very dead.”


Here are the crypto SPAC agreements that investors are looking at:

The circle, a supporter of USDC stablecoin, and its affiliate with Concord Acquisition Corp. (CND). The parties have reached a new agreement on the original external date of Dis. 8, with the power to pass on to Jan. 31, 2023, under "certain circumstances."


Miner PrimeBlock and 10X Capital Venture Acquisition Corp. II (VCXA), in an agreement expected to be closed in the second half of the year.


Miner Bitdeer and Blue Safari Group Acquisition Corp. (BSGA), in a recently expanded agreement.


Bitmain backed by Bitmain BitFuFu and Arisz Acquisition Corp. (ARIZ), which is expected to write to Nasdaq in Q3.


Miner Griid Infrastructure and Adit EdTech Acquisition Corp. (ADEX), originally expected to close in Q1.


Coincheck, one of the largest crypto trading centers in Japan, and Thunder Bridge Capital Partners IV. The agreement is expected to be finalized in the second half of this year.


Toro Group Investment Forum and FinTech Acquisition Corp. V (FTCV). The agreement has a termination date of June 30.


Crypto Bullish Investment Forum and Far Peak Acquisition Corp. (FPAC), with an recently extended external termination date to July 8.

Source: yahoo




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